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Diane Gill • Aug 31, 2023
Record keeping. What should you be keeping?
Whether you’ve got them stored in a shoebox, paper file, on the hard drive of your computer, or in an electronic accounting system; as a business owner, you need to be keeping hold of your tax records.
You are required by the Inland Revenue to maintain records for a minimum of 7 years in case of an audit. It's important to keep track of various documents, such as:
- Invoices
- Receipts
- Wage books
- Petty cash records
- Banking statements
- Vehicle logbooks
- Asset registers and depreciation schedules
- Email communications related to business activities, especially those involving travel expenses.
Remember to retain duplicates of any materials you submit to the Inland Revenue. If you're registered for GST, ensure you have tax invoices for your expenditures to facilitate GST claims.
Need help understanding your obligations? Get in touch with the team at Ōmokoroa Accounting.
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